Goal-Setting Framework for Los Angeles Tribune
Los Angeles links its mission with the entity's aims, like the majority of businesses do. These are also directed by goals intended to ensure that operations are carried out successfully and that uncertainties are minimized. As a result, it will be crucial to concentrate on focusing on how goal-setting framework might improve the current business scenario of the company. This will go into detail regarding how to manage declining circulation revenue, prevent a loss of jobs, and compete with free advertising.
The Problem of Declining Ad Revenue
The first problem that the Los Angeles Tribune is dealing with results from the declining ad revenue. Due to the ongoing competition from businesses like OLX, Craigslist, and other internet advertisers, this has been the scenario. Most of these companies are focused on tapping the online sales opportunities. The organization should also do the same with goal statement of increasing profits as well as customer satisfaction. Los Angeles Tribune can achieve this by reducing the cost use to carry out traditional promotion space coupled with creating an online advertisement (London & Mone, 2012). The activity should be directed toward gaining trust from the client as this is an important component. As such, it is imperative for the organization to establish a new pricing strategy. By doing this, the company should expect about 7% to 9% increase in profits. In particular, it is imperative to direct fund towards ensuring the company's ad appears on the first page on Google, a strategy geared towards performance. Other important online platforms to consider include Facebook and Twitter focused on reaching more customers. These are suitable channels because they are used by a huge number of people and can be used to disseminate information. The more aggressive advertisement should be made through social media: Facebook, and Twitter. However, this does not mean that newspapers, radio, television, and magazines should not be used (London & Mone, 2012). Additionally, it is critical to rely on the company's website which should be formed in such a way that all objectives, goals, services, and products are communicated. There should be increased awareness regarding the website. Further, it is critical to institute a direct mailing program related to transaction information of the customers.
Decreasing Circulation Revenue
The other issue the Los Angeles Tribune is struggling with is decreasing circulation revenue. The goal statement for the strategy to mitigate this problem should be to increase profits from the newspapers circulated each day. Wednesdays and Sundays are the days in which the organization's sales are high because of the content covered. At the same time, the sales ads and coupons are also available on these days. It means that the company should capitalize on this to have the highest number of sales possible (Locke & Latham, 2013). With the cost of papers rising, there is a need to develop a new strategy to help curb the problem of revenue. As such, the primary idea is to reduce the number of newspapers produced on Monday, Tuesday, and Thursday, Friday as well as Saturday. Production should be high on Wednesday and Sunday. By decreasing the number of papers sent out on these four days, the organization has a chance of cutting the cost as well as reducing wastage. To implement the new strategy, it is imperative to analyze the number of papers released and determining how many should be sent out. The amount should be adjusted to fit the required number each day of the week. Further, it is critical to monitor sales to ensure the new strategy meets the needs of the customers. It also means the firm will need to identify teams of individuals that will be sent out occasionally, for instance, monthly to determine whether the number of papers distributed should be increased or decreased for the different locations (Locke & Latham, 2013). The measure of success for this strategy would be finding a balance for the circulation revenue and the amount of newspaper distributed each week.
Inability of Employees to Support the Company's Revenue
Employees are the backbone of any business, which means the organization should strive to equip individuals with modern technology for printing and increase their motivation as well as job satisfaction. Without these strategies, Los Angeles Tribune is likely to face a downfall. The goal statement is to create a high performing team through the implementation of a proper performance management program. As such, the company should adopt coaching as an instrument of training which has also been identified by a vast number of scholars to have higher job satisfaction, which leads to increased productivity (Wilson & Dobson, 2013). More specifically, this is because it allows individuals to understand better their roles which make them satisfied with their work. Further, coaching has been cited as one of the ways in which employees can get clarification of the underlying problems which are outside of their control, deal with unrealistic expectations from their employers, manage job-related stress, plan and prepare for challenges, and address performance improvement. All these are critical factors that lead to increasing job satisfaction as individuals are trained on how to deal with job-related operations (Wilson & Dobson, 2013). Coaching aims at inspiring individuals toward making a behavioral change that transforms them as well as people around them. It creates a better relationship between the workers and management. Part of the reasons individuals leave their job is because they feel a relationship with their bosses is toxic. Therefore, coaching increases the chance of keeping trained employees because it helps them realize their worth in the company and motivates them to stay with the organization instead of finding a job with other firms (Blair, 2013). Additionally, coaching keeps everyone on the same page, particularly, when an organization had a change in leadership. In return, this contributes toward boosting overall morale by showing the employees reasons for staying. It also cultivates a positive company culture making people feel good about how they contribute to the whole performance of the business.
Also, the organization should focus on mentoring the workers. Studies have shown that when employees are mentored, they are likely to stay in their jobs longer as compared to those allowed to swim or sink. A high rate of turnover is often due to employees not knowing how to do their work. Mentoring equips individuals with the ability to do their responsibilities effectively and correctly, which means they feel good about themselves and will stay longer as well as given better results (Gardner et al., 2017). At the same time, this helps nurses learn new tasks and adjust to the work schedule while also dealing with issues that arise. Moreover, the mentoring program enables employees to acquire knowledge and learn from their colleagues' experiences, which helps them understand where they have been doing things wrong. Similarly, they gain much-required competence and skills to perform like others. As a result, this reduces pressure and stress in the working environment, which implies that individuals are likely to stay in their current positions longer (Gardner et al., 2017).
References
Blair, G. R. (2013). Goal setting 101: An easy, step-by-step guide for setting and achieving a goal. Palm Harbor, Fla.? Goals Guy.
Bridgepoint Education, Inc. Retrieved from https://content.ashford.edu/books/ AUMGT460.12.1/sections/front_matter
Gardner, A. K., Kosemund, M., Hogg, D., Heymann, A., & Martinez, J. (2017). Setting goals, not just roles: Improving teamwork through goal-focused debriefing. The American Journal of Surgery, 213(2), 249-252.
Locke, E. A., & Latham, G. P. (2013). Goal setting. Englewood Cliffs, NJ: Prentice-Hall.
London, M., & Mone, E. (2012). Leadership for today and the future. San Diego, CA:
Wilson, S. B., & Dobson, M. S. (2013). Goal Setting: How to Create an Action Plan and Achieve Your Goals. New York: American Management Association.
